Adam Smith's Term, "The Invisible Hand, " Refers to

question 146

Multiple Choice

Adam Smith's term, "the invisible hand, " refers to

• A)the hidden role of government in setting regulations that govern trading in markets
• B)the most capable entrepreneurs in the economy
• C)market forces
• D)the unseen work of the financial markets that facilitates trade
• E)the role of technological change and random events in the economy

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Definitions:

Milgram Experiment

A psychological experiment conducted by Stanley Milgram in the 1960s to study obedience to authority, where participants were instructed to administer electric shocks to another person.

Stanford University Prison Experiment

A psychological study conducted by Philip Zimbardo in 1971 at Stanford University, where students were assigned roles of prisoners and guards to explore the effects of perceived power.

Generalization

Drawing a conclusion about a certain characteristic of a population based on a sample from it.

Logical Support

The provision of reasons or evidence to justify a claim or argument.